Case Study :: Maersk Portfolio Sale
|Deal Name: Maersk Porfolio – Sales To RLF Acquisition
Deal Type: Sale – Seller Rep
Property Use: Industrial
Industry Type: Industrial
Seller/Lessor: Maersk Inc.
Buyer/Lessee: RLF Acquisitions, LLC
Term Of Contract: —
Property Information: —
Total SF/Acres: —
Total Consideration: $17,100,000
– Two years in the works, Maersk was given corporate directive to dispose of all non-core business (Maersk’s core businesses are shipping, oil and gas).
– In order to create the highest value for the BTT division, it was decided to sell the operating company as well as the real estate which consisted of approx 15 truck drayage yards primarily in the Eastern portion of the US.
Maersk / BTT was unable to negotiate a satisfactory transation and elected to initially sell the operating company only. Upon the success of that sale, they then monetized the real estate by Maersk buying back the majority of the properties and entered into a 10 year triple net lease with BTT on each property. That was then package and take to the investment community and successfully concluded the transaction in early February 2014 by selling all of the properties except for 2, which will be sold directly outside of the portfolio.